PayPal CEO Believes Crypto ‘Really Important’ Future Element of Commerce, Says Consumers Paying ‘A Ton’ in Fees

The CEO of PayPal says the firm is considering the role crypto plays in the future of commerce and payment processing.

In a new interview with Yahoo Finance, PayPal CEO Alex Chriss says that he, and by extension PayPal, think that crypto will be impotant for the future for consumers.

“Crypto to me is a really important future element of commerce. But it’s a how. Really, what it is doing is enabling commerce at faster speeds, high-scale, globally, at a lower cost. And anytime that you can move money faster at lower costs, that’s better for consumers. We’ve taken the right steps in, we’re doing it in the right way to be regulated so that we can move money safely for consumers and make sure their money’s protected.

But, again, I think we are just scratching the surface on making it available from a payments perspective on a global scale to allow people to be able to transact anywhere in the world. And do it fast, securely, and at low cost.”

While making it clear that PayPal is not aiming to become a crypto exchange, Chriss says that PayPal’s real interest in crypto is making payments faster, more secure, and with lower associated costs and fees.

“For us, the real transformation is – ‘Where am I in the world to make the right payment to any merchant anywhere else in the world?’ Connect the dots between consumers and merchants and do it with much faster speeds, much more securely, and at a much lower cost for consumers. Consumers right now are paying a ton in fees.”

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Featured Image: Shutterstock/Enomsix Dezign